EOS price is trading above the $5.50 support against the US Dollar. EOS/USD is likely to break above the $5.80 and $6.00 resistance levels in the near term.
Key Talking Points
- EOS price is trading in a tight range above the $5.50 support level (Data feed of Kraken) against the US Dollar.
- There is a major contracting triangle in place with support at $5.58 on the 2-hours chart of the EOS/USD pair.
- The pair could surge higher once buyers gain momentum above the $5.80 and $6.00 resistances.
EOS Price Analysis
This past week, there were mostly range moves above the $5.40 and $5.50 support levels in EOS price against the US Dollar. The EOS/USD pair made a couple of attempts to break the $5.80 and $5.90 resistances, but buyers failed to gain pace.
The chart above indicates that EOS price recently traded as high as $5.85 and later started a downside correction. The price declined below the $5.70 level and the 50% Fib retracement level of the last wave from the $5.42 low to $5.85 high.
However, losses were protected by the $5.60 support. Moreover, the 61.8% Fib retracement level of the last wave from the $5.42 low to $5.85 high also acted as a support.
The price bounced back above the $5.70 level and the 100 simple moving average (2-hours). At the moment, there is a major contracting triangle in place with support at $5.58 on the 2-hours chart of the EOS/USD pair.
The pair is likely to make the next move either above $5.80 or below $5.60 in the near term. On the upside, a proper close above $5.80 and $6.00 could open the doors for a push towards the $7.00 and $7.50 levels.
On the other hand, a downside break below $5.60 and $5.50 may increase bearish pressure. The next target for sellers could be $5.00.
Overall, EOS price is preparing for the next move, and the current price action indicates that buyers may succeed in clearing the $6.00 resistance.
The market data is provided by TradingView.
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